OKP Holdings reported revenue of $64.1 million for the first half of the 2022 Financial Year (2HFY2022), an increase of 42.4% compared to the year earlier (1HFY2021). Despite the higher revenue, higher admin and finance costs resulted in a net loss of $2.2 million for 2HFY2022, which is a significant contrast to the $0.5 million in earnings recorded for 1HFY2021.

The company, which operates in the construction and property development industry, saw a full year revenue of $11.6 million for the 2022 Financial Year (FY2022), representing an increase of 30.7% over FY2021. As such, a net loss of $1 million was recorded for FY2022, compared to the $1.5 million in earnings for FY2021.

OKP’s group managing director, Or Toh Wat, spoke positively of these results and the public sector leading in construction demand. Despite the net loss, the company maintained a final dividend of 0.7 cents.

The company recently won two contracts worth $196.2 million from the government to maintain roads, road-related and commuter-related facilities, bringing its total order book to $454.1 million payable until 2026. In addition, to boost their recurring income, the firm had also JCube Residence been investing in property and continues to do so.

However, the unfavourable currency conversions from rent collected from assets in Australia caused a dip in rental revenue by 11.3% in FY2022. “For diversity, we will also stay focused to prudently grow our property investment business, to boost a steady flow of recurring income,” said Or.

As of Dec 31 2022, the firm’s NTA was recorded as 39.75 cents. OKP’s shares closed on Feb 20 at 17 cents, down 1.2%.